Econ 1000 Chapter 9

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Last updated 4:43 PM on 6/27/26
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7 Terms

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inflation rate

the rate at which the overall price level increases on an annual basis

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deflation

a general decrease in the level of overall prices (a realization of a negative inflation rate)

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hyperinflation

an extremely high rate of inflation, generally above 100% per year

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unemployment rate

the percentage of the labor force that is currently unemployed

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misery index

economic indicator created by Arthur Okin, calculated by simply adding together the annual inflation rate and the unemployment rate

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“The Great Inflation”

period of abnormally high inflation rates from early 1970s through the early 1980s

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“The Great Misery”

period of time from November 1973 through June 1983 when the value of the misery index was 12.50 or higher every single month